Ukrainian OVDP increased by 12% in a month amid expectations that Trump will soon stop Russia’s war against Ukraine.

Over the past month, Ukrainian sovereign bonds denominated in dollars have risen in price by 12%. Investors expect that the re-election of Donald Trump will lead to a ceasefire, and Ukraine will be able to pay off its creditors. The jump in Ukrainian bond prices occurred as rates influenced by the new US administration flooded global financial markets. The rally has been going on for more than two months since Kyiv completed a debt restructuring worth more than $20B.

Bondholders are betting that Ukraine will be ready to accept a peace agreement that involves the relinquishment of territories lost during the war and that its economy will recover rapidly in the coming years.

Ukrainian bonds maturing in 2036 rose in price from 44 to 49 cents per $1 over the past month. GDP warrants and payments that depend on economic growth rose in price even more.